Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Pharoah Company closes its books on its July 31 year-end. The comparyy does not make entries to accrue for interest except at its year-end. On
Pharoah Company closes its books on its July 31 year-end. The comparyy does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is $23,600. Notes Receivable include the followine. During July, the following transactions were completed. July 5 Made sales of S5,400 on Pharoah credit cards. 14 Made sales of 5900 on Visa credit cards. The credit card service charge is 4%. 20 Received payment in full from Coote inc on the amount due. 24 Received payment in full from Brady co. on the amount due. Journalize the July transactions and the July 31 adjusting entry for accrued interest receivable. (Interest is computed using 360 days for terms expressed in days: omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record joumal entries in the order presented in the problem. Round intermediote calculations to 2 decimal places, eg. 225.25.) Enter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Post entries in the order of journal entries posted in the previous part.) Show the balance sheet presentation of the receivable accounts at July 31,2022
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started